Title
A Resolution authorizing the Div. of Revenue to include the processing of net profit payments in the Lockbox Processing Services provided by Fifth Third Bank pursuant to Resolution No. 572-2019; and authorizing and directing the Mayor, on behalf of the Urban County Government, to execute any necessary documents related to the services, at an additional cost not to exceed $30,000 annually. [Div. of Revenue, Holbrook]
Summary
Authorization to add net profit filings to the Lockbox Processing Agreement with Fifth Third Bank under Resolution 572-2019 at a cost of $5,000.00 in FY2022. The total cost for one year is $30,000.00. Funds are Budgeted. (L0264-22) (Holbrook/Hensley)
Budgetary Implications [select]: Yes
Advance Document Review:
Law: { YES
Risk Management: {Select Yes/No, Completed by [Official, Date]}
Fully Budgeted [select]: Yes
Account Number: 1101-202101-2011-78701
This Fiscal Year Impact: $5,000
Annual Impact: $30,000
Project:
Activity:
Budget Reference:
Current Balance: $32,306.11
Body
BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That the Division of Revenue be and hereby is authorized to include the processing of net profit payments in the lockbox processing services provided by Fifth Third Bank pursuant to Resolution No. 572-2019; and that the Mayor, on behalf of the Lexington-Fayette Urban County Government, be and hereby is authorized and directed to execute any necessary documents related to the services, at an additional cost not to exceed $30,000.00 annually.
Section 2 - That an additional amount, not to exceed the sum of $30,000.00 annually, be and hereby is approved for payment to Fifth Third Bank, Inc. from account # 1101-202101-2011-78701, pursuant to the terms of the Agreements executed pursuant to Resolution No. 572-2019, and contingent upon the Budgeting of sufficient funds in future fiscal years.
Section 3 - That this Resolution shall become effective on the date of its passa...
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